A Federal High Court in Lagos has struck out the N12.3 billion fraud charge against Honeywell Group Chairman Dr. Oba Otudeko and three others after the Economic and Financial Crimes Commission (EFCC) withdrew the case, citing an amicable settlement between the parties.
The EFCC had initially brought a 13-count charge against Otudeko, former First Bank Managing Director Olabisi Onasanya, ex-Honeywell board member Soji Akintayo, and Anchorage Leisure Limited. The case (Suit No. FHC/L/20C/2025) alleged that the defendants conspired to fraudulently obtain N12.3 billion from First Bank under the guise of credit facilities for V-TECH Dynamic Links Ltd. and Stallion Nigeria Ltd.
During Wednesday’s proceedings, EFCC counsel Rotimi Oyedepo informed Justice Chukwujekwu Aneke that the matter had been resolved, with First Bank withdrawing its complaint after full repayment of the disputed funds. “The parties have reached a full and final settlement. The funds have been fully recovered, and there is no further interest in pursuing the charge,” Oyedepo stated. He added that the Attorney General of the Federation, after reviewing the facts, approved the discontinuation of the case to prevent abuse of court processes.
Defence counsel Bode Olanipekun, representing Otudeko, confirmed the resolution, stating, “All issues leading to this charge have been completely resolved.” Other defence lawyers, including Adeyinka Olumide-Fusika (SAN) for Onasanya and Tunde Afe Babalola for Akintayo, also affirmed the settlement.
Justice Aneke subsequently struck out the case, bringing an end to the legal dispute.
In a statement, Honeywell Group’s General Counsel, Olasumbo Abolaji, welcomed the court’s decision, describing it as a vindication of Otudeko’s integrity. “At no point was there any finding or admission of wrongdoing. This was a commercial transaction investigated by the EFCC and resolved years ago,” the statement read. It further highlighted Otudeko’s contributions to Nigeria’s economic development, including his leadership at First Bank, and reaffirmed Honeywell’s commitment to value creation in key sectors.
The case’s dismissal marks the conclusion of a prolonged legal battle, allowing Otudeko and Honeywell Group to focus on their business ventures without further litigation.
